BB&T 2014 Annual Report Download - page 123
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Table of Contents
The components of the income tax provision are as follows:
Current expense:
Federal $ 551 $ 1,007 $ 275
State 82 100 70
Total current expense 633 1,107 345
Deferred expense:
Federal 115 256 396
State 12 32 23
Total deferred expense 127 288 419
Provision for income taxes $ 760 $ 1,395 $ 764
The reasons for the difference between the provision for income taxes and the amount computed by applying the statutory Federal income tax rate to income
before income taxes were as follows:
Federal income taxes at statutory rate of 35% $ 1,045 $ 1,093 $ 977
Increase (decrease) in provision for income taxes as a result of:
State income taxes, net of Federal tax benefit 61 86 61
Federal tax credits (171) (152) (126)
Tax exempt income (125) (128) (133)
Adjustments for uncertain tax positions (39) 516 ―
Other, net (11) (20) (15)
Provision for income taxes $ 760 $ 1,395 $ 764
Effective income tax rate 25.5 % 44.7 % 27.4 %
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Source: BB&T CORP, 10-K, February 25, 2015 Powered by Morningstar® Document Research℠
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